Brexit and the City: Exodus from London?

Brexit is expected to effect many industries in the UK and the finance is on the top of the list. There are various assumptions, predictions and possibilities discussed since the Brexit vote.

Reuters has recently published an analysis on the change in the city related to finance sector in London.

Will Britain’s decision to leave the European Union in 2019 damage one of its most successful industries? Some politicians and economists predict London will lose its pre-eminence as a financial centre after Brexit, although supporters of leaving the EU say Britain will benefit over the long term by being able to set its own rules. Reuters assesses the fortunes of the City through a series of indicators that suggest signs of a slowdown, but no transformative decline. (Reuters)

One of the most important indicator is the jobs in this sector in London. Although it is too early to conclude a complete exit from London. The numbers show a tendency of dropping creation of new financial jobs.

The recruiter found 51,922 new financial services jobs were created in the first seven months of this year, a 10 percent drop compared with the same period last year. This was the lowest number of jobs available since 2012. (Reuters)

(Image Credit: Reuters)

The analysis also shows a decrease in transportation.

The number of people using the underground rail network at Bank and Monument stations in the heart of the City is on course for its first fall since the final year of the global financial crisis, according to Transport for London data. In Canary Wharf — a once defunct docklands now transformed into another hub of global finance in east London — the number of people using the station continues to rise but the pace has slowed.

London City Airport, favoured by executives for flights to European cities and beyond, had a slight increase in passengers in the first six months of this year with recent figures in decline.(Reuters)

(Image Credit: Reuters)

The analysis shows that it is early to conclude a total financexit from London. However, there are strong signs of its decline in near future. All these perhaps up to the results of the Brexit negotiations undertaken currently and their results will determine the finance industry’s condition and its effects on the city itself.

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How Utopia Became a Real Estate Leaflet ?

As Edward Said (1994, p. 6) once said, “none of us is completely free from the struggle over geography”, including financial capital. Said (1994, p. 6) continues, this struggle “is not only about soldiers and cannons but also about ideas, about forms, about images and imaginings”. Discursive formation of real-estate futures has long been part of this struggle. From London to Istanbul, various everyday life images and spatial representations are replicated in promotional materials of real-estate projects such as in advertisements, catalogues and billboards. These all together form a discourse of the ideal everyday life that people dream of. This paper focuses on the case of branded housing projects which are developed as a version of housing enclaves in Istanbul following the deepening of neoliberal urbanisation in Turkey. It discusses the role of the representations and images in the project catalogues and advertisements in imagining of future everyday life from a Lefebvrian-Gramscian perspective. The paper presents a comprehensive critical discourse analysis and challenges the idealisation (and normalisation) of everyday life practices offered in these hyper-controlled, under surveillance and commodified urban spaces. It concludes that the struggle of hegemonic and counter-hegemonic discourse over everyday life is a key for reclaiming utopia, therefore, future imaginings.

The talk was given in scope of the Planetary Futures Conference: Imagining the Future – Financial Capitalism and the Social Imagination @ Institute of Advanced Studies, UCL, London, 11 July 2017

For the programme of the conference and the abstracts click here.

Imagining the Future Image 3

Image Credit: Robert Almonte